What the recent US action in Venezuela means for global oil markets is still an open question. While the prospect of additional oil is drawing interest, high production costs, infrastructure constraints and political risk complicate any near-term jump in Venezuela’s oil output. As markets weigh the scale and speed of a potential comeback, how much could Venezuela really move the needle in a global oil system already facing a glut of crude? On today’s show, Kamala Schelling talks with David Doherty, BNEF’s head of natural resources research, to discuss some of his team’s recent analyst reactions, including “Venezuela’s Oil Market Impact Hinges on Cost Per Barrel” and “Venezuela’s Oil Renaissance Faces Several High Hurdles.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Venezuela’s Oil Market Impact Hinges on Cost Per Barrel: React - https://www.bnef.com/analyst-reactions/t8giodkjh6v600

Venezuela’s Oil Renaissance Faces Several High Hurdles: React - https://www.bnef.com/analyst-reactions

Trump’s Venezuela Move Could Shift Crude Flows Back to US: React - https://www.bnef.com/analyst-reactions/t8dsuukk3ny800

US Action in Venezuela and the Commodity Markets - https://www.bnef.com/themes/t8fw2ut96osi00

See omnystudio.com/listener for privacy information.

The push toward a lower-carbon global economy ran into strong headwinds last year, and 2026 offers little sense of a clean reset. Political uncertainty, uneven policy support and slower progress in some markets continue to complicate the outlook for climate-focused investors and companies. Yet beneath the noise, the energy transition is still advancing, driven by economics, technology and long-term structural change. As global priorities and pathways diverge, what does progress really look like for the energy transition? On today’s show, BNEF’s Deputy CEO Albert Cheung reads his recent note, titled “Progress Despite Fragmentation: Energy Transition to 2030,” in which he explores how the global context has changed, and why the energy transition is set to continue growing through this decade.

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Progress Despite Fragmentation: Energy Transition to 2030 - https://www.bnef.com/insights/38367

See omnystudio.com/listener for privacy information.

Maritime shipping is a notoriously tricky sector to decarbonize, yet options for a greener industry are slowly emerging. Bio-LNG is helping clean up fuel tanks. New ship-building and navigational techniques, from advanced hull coatings to smarter routing, are making a dent in emissions. And new European rules are pushing ship owners toward cleaner options. Yet with a myriad of competing incentives – and no global consensus – how far can alternative fuels and efficiency gains really take maritime shipping on its long road to decarbonization? On today’s show, Tom Rowlands-Rees speaks with Fauziah Marzuki, BloombergNEF’s global head of gas, and Nikolas Soulopoulos, BNEF’s head of commercial transport. Together they discuss some of their teams’ research, including “Marine Fuel Costs to 2040 – Oil to Biofuels and Beyond” and “Global Shipping’s Net-Zero Framework Delay a Worst Option: React.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Marine Fuel Costs to 2040 - Oil to Biofuels and Beyond - https://www.bnef.com/insights/37781

Global Shipping’s Net-Zero Framework Delay a Worst Option: React - https://www.bnef.com/analyst-reactions/t4ac8igoymtc00

See omnystudio.com/listener for privacy information.

The UK’s latest budget sends mixed consequential signals for electric vehicles. A sharp increase in purchase subsidies is paired with plans for a new pay-per-mile charge, reshaping the economics of EV ownership as adoption accelerates. The changes could affect drivers very differently, depending on mileage, charging access and whether vehicles are privately owned or part of company fleets. As fuel tax revenues fade and public charging costs stay high, the UK is testing what it means to move from encouraging EV uptake to living with electric mobility at scale. On today’s show, Kamala Schelling is joined by Madeleine Brolly from BNEF’s EV charging team and Shananthan Kalaichelvan from BNEF’s EV team, to discuss their Analyst Reaction “UK Makes EVs Cheaper to Buy But More Expensive to Run.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

UK Makes EVs Cheaper to Buy But More Expensive to Run: React - https://www.bnef.com/analyst-reactions/t6drndt9njlw00

See omnystudio.com/listener for privacy information.

Global metals markets are shifting faster than anyone expected. Once projected to face widespread shortages, most key energy transition metals now show far more balanced outlooks. Surpluses are pushing battery metal prices down and accelerating the adoption of new chemistries, while demand for steel, copper and aluminum strengthens across clean energy infrastructure. Yet slow mine development, production caps, and rising geopolitical risks are creating new uncertainties. From batteries to transmission lines to electric-vehicle bodies, what do these changing metals dynamics mean for the future of the energy transition? On today’s show, Tom Rowands-Rees is joined by Kwasi Ampofo, BloombergNEF’s head of metals and mining, to discuss findings from the “Transition Metals Outlook 2025.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Transition Metals Outlook 2025 - https://www.bnef.com/insights/38151

See omnystudio.com/listener for privacy information.

Heavy industry faces one of the hardest paths to net zero, yet momentum is starting to build. New decarbonization commitments reached nearly $15 billion by mid-2025. The largest chunk of investment is concentrated in the steel industry, where electric arc furnaces and hydrogen-ready technologies are already pushing down emissions. Other sectors, like aluminum, cement and plastics, are experimenting with recycled materials, electrified heat and bio-based feedstocks. Policy is also proving decisive, with Europe, Australia and Asia pushing carbon border tariffs, retrofit funds and industrial carbon markets. So is heavy industry finally turning a corner on its path to decarbonization? On today’s show, Kobad Bhavnagri is joined by Allen Tom Abraham, BloombergNEF’s head of sustainable materials, to walk through his team’s note “Industrial Decarbonization Market Outlook 2H 2025.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Industrial Decarbonization Market Outlook 2H 2025 - https://www.bnef.com/insights/38051/view

See omnystudio.com/listener for privacy information.

China’s electric vehicle market is moving at extraordinary speed. Generous incentives, trade-in subsidies, and aggressive pricing have fueled mass-market growth, and roughly half of the cars sold in the country today come with a plug. Now, this EV success story is moving beyond its domestic borders. Chinese brands already account for nearly one in five EVs sold outside the country, and new factories across Europe, Southeast Asia, and Latin America are helping them stay ahead of trade barriers. Could this be the moment when China’s electric mobility clout reshapes the global auto industry? On today’s show, Tom Rowlands-Rees is joined by Siyi Mi, a senior associate on BloombergNEF’s electric vehicles team, to discuss notes including “More of China’s Automakers Step Into Overseas Markets” and “EVs Are Just the Start for Global Carmakers’ China Rebound.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

More of China’s Automakers Step Into Overseas Markets - https://www.bnef.com/insights/38069

EVs Are Just the Start for Global Carmakers’ China Rebound - https://www.bnef.com/insights/37181

See omnystudio.com/listener for privacy information.

As vehicles become increasingly intelligent and connected, the chips powering them are transforming the automotive industry. Traditional supply chains are giving way to new partnerships, and advanced processors are reshaping everything from vehicle costs to the balance of power between automakers and chipmakers. With automation advancing and chipmakers taking a larger role in vehicle development, could this be the moment that redefines how the automotive industry is built? On today’s show, Tom Rowlands-Rees is joined by Andrew Grant, BloombergNEF’s head of intelligent mobility, to discuss the note, “AI Chips Are Turning Vehicles Into Supercomputers.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

AI Chips Are Turning Vehicles Into Supercomputers - https://www.bnef.com/insights/37555

See omnystudio.com/listener for privacy information.